The EBRD is providing a senior loan of EUR 122.5 million to the automotive component supplier Faurecia S.A.
The Loan will enable Faurecia to develop its research and development and production activities in four of the Bank’s countries of operations, namely Morocco, the Russian Federation, Poland and Romania.
The transition impact potential is considered to derive from: (i) skills transfers through enhanced training of local employees in sets of skills that are transferable; and (ii) further expanding the backward linkages to local suppliers to improve their quality standards.
Faurecia is the world’s 6th largest automotive component supplier. Specializing in automotive seating, emissions control technologies, interior systems & automotive exteriors, the company is listed on the NYSE Euronext Paris stock exchange.
A senior loan of up to EUR 122.5 million to be made available by the Bank in cooperation with a syndicate of commercial banks.
Up to EUR 122.5 million.
The Project has been Categorised B in accordance with the EBRD’s Environmental and Social Policy and due diligence has confirmed that E&S impact are limited in nature, readily identifiable and managed through appropriate mitigation measures.
Due diligence was undertaken by EBRD E&S specialists and included a review of company disclosures, management interviews and corporate due diligence undertaken at the Company’s HQ in Paris.
Well established procedures and systems are in place at the company to manage an extensive suite of E&S issues. Due diligence therefore concluded that the E&S management systems the company has in place are commensurate with industry best practise and meet the EBRD requirements.
Responsibility for E&S performance of the company is taken at Board level and a good bottom up assurance and tracking system is in place. The company discloses information on E&S performance as part of the company’s annual reporting procedure.
A combination of the above results in a very good E&S track record of E&S performance and the company’s insistence on consistency in operating procedures across the various jurisdictions mitigates variability in local regulation and enforcement thereof.
No significant corrective actions are required for the company to address through an environmental and social action plan to meet EBRD’s performance requirements. The operating performance of the company will be monitored by the bank on an on-going basis.
Mr. Baudouin Courau, VP Financing & Treasury
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